Jet Airways pays $13 million to acquire 6 Boeing aircraft, engines

The airliner has faced a series of accusations of unpaid dues, even being dragged to the NCLT since it was grounded in April 2019

Troubled domestic carrier Jet Airways has acquired six Boeing aircraft and their engines against a lump sum payment of $13,000,000 – which it raised from the sale of its office building in the Bandra-Kurla Complex (BKC) business area of Mumbai.

The lessor Fleet Ireland has held back the aircraft due to non-payment of dues, the Hindu BusinessLine reported.

Moneycontrol could not independently verify the report.

The airliner has faced a series of accusations of unpaid dues, even being dragged to the National Company Law Tribunal (NCLT) since it was grounded in April 2019.

Creditors have their eyes fixed on the resolution plan for the airline, submitted by two bidders – a consortium of Haryana-based Flight Simulation Technique Centre, Mumbai-based Big Charter and Abu Dhabi-based Imperial Capital Investments LLC; and a consortium of Kalrock Capital and a UAE-based entrepreneur Murari Lal Jalan.

In its recent Q4FY19 results, the company said losses had “significantly increased” to Rs 5,535.75 crore in FY19 from Rs 766.13 crore in FY18.

Link: https://www.moneycontrol.com/news/business/jet-airways-pays-13-million-to-acquire-6-boeing-aircraft-engines-5624391.html

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